Passport and banknote maker De La Rue sees profits hit by a poor start to the year in its currency arm
De La Rue predicts adjusted operating profit for the 12 months ending March 27 would be between £20m and £25m
De La Rue has seen profits hit by a poor start to the year in its currency arm.
The passport and banknote maker predicted that adjusted operating profit for the 12 months ending March 27 would be between £20million and £25million, in line with earlier guidance.
However, this is a major drop on the previous year, when adjusted operating profit reached more than £60million. The fall is largely due to business drying up in its currency arm in the first half of the financial year.
It marks the end of a tough year for the firm, forcing it to embark on a turnaround plan, cutting costs and improving efficiencies.